On the surface, the slew of Chinese data released on Thursday was positive. As expected, Q2 GDP slowed down sharply to 7.9% y/y from 18.3% y/y in Q1, reflecting the impact of the easing base effect. However, the…
Highlights Global oil demand will remain betwixt and between recovery and relapse through 3Q21, as stronger DM consumer spending and increasing mobility wrestles with persistent concerns over COVID-19-induced lockdowns in Latin America…
June’s US consumer price index, which was released on Tuesday, surprised on the upside. However, there is one cooling effect on the horizon that the sizzling hot US inflation should take note of: a slowing China. Chinese…
Highlights It is too early to conclude that the PBoC’s surprise rate cut last Friday to its reserve requirement ratio (RRR) marks the beginning of another policy easing cycle. Historically it took more than a single RRR…
China’s trade surplus expanded unexpectedly in June, rising to $51.5 billion from $45.5 billion. The wider surplus reflects an acceleration in exports to 32.2% y/y from 27.9% y/y. Meanwhile, imports slowed to 36.7% y/y from…
Feature Since the end of the first quarter, the decline in Treasury yields has been the most important trend in global financial markets. It has contributed to the return of the outperformance of growth stocks relative to value stocks,…
Chinese credit numbers came in rather higher than expected. Total Social Finance (TSF) grew by RMB3.7 trillion in June, compared to RMB1.9 trillion in May and expectations of RMB2.9 trillion. At the same time, outstanding loan…
The China State Council meeting on July 7, chaired by Premier Li Keqiang, sent a somewhat ambiguous message on the direction of China’s monetary policy. The press release from the meeting stated that the country will…
Highlights Over the short term – 1-2 years – the pick-up in re-infection rates in Asia and LatAm states with large-scale deployments of Sinopharm and Sinovac COVID-19 vaccines will re-focus attention on demand-side risks to…
On a long/short basis (long top 10% / short bottom 10% based on the BCA Score), Hong Kong has been the top performing equity market in Equity Analyzer (EA) over the past three months and has been fourth over the past six. The…